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Ethan Allen Interiors gets $100 million revolver, $50 million loan
By Angela McDaniels
Tacoma, Wash., Oct. 21 – Ethan Allen Interiors Inc. said it amended and restated its revolving credit facility. The new credit facility provides for a $100 million revolving credit line and $50 million of term loan availability.
The new facility matures Oct. 21, 2019 and replaces an existing $50 million revolver, according to a company news release.
The new revolver is provided by a syndicate of two banks and was arranged by J.P. Morgan Securities LLC and Capital One, NA as joint lead arrangers.
The amendment substantially reduced the borrowing costs and increased borrowing availability, chairman and chief executive officer Farooq Kathwari said in the news release.
The company plans to use the proceeds of the new credit facility for working capital and general corporate purposes and to refinance the 5 3/8% senior notes due Oct. 1, 2015 issued by subsidiary Ethan Allen Global, Inc.
Ethan Allen Interiors is an interior design company and manufacturer and retailer of home furnishings. The company is based in Danbury, Conn.
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